Econ 1-5C Back to Futrue Macroeconomics

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Across
  1. 3. Economists have 3 goals for the economy: One of these is to keep ____ from rising too fast, because consumers will stop buying.
  2. 7. ___ occurs when a stagnant economy (unemployment) combines with very high prices (inflation). The U.S. suffered this in the 1970s.
  3. 9. Economic goals do not reflect all things that make people happy. 1955 had lots of prosperity, but also lots of ___ inequality.
  4. 10. Economists have 3 goals for the economy: One of these is to keep ____ low, so people have jobs & can make money to spend.
  5. 12. ___ unemployment is unavoidable, because we cannot stop people from quitting their jobs or getting fired. It is part of natural unemployment.
  6. 13. ___ ___ gross domestic product is calculated by dividing our GDP by all the citizens in the country. So a larger population would lower our [same] GDP.
  7. 15. Nominal GDP is not adjusted for ___ , which causes us to assume the economy grew 10X larger from 1955 to 1985, instead of just 3X.
  8. 17. To see if we produced more stuff between 1955 & 1985, we adjust for inflation and look at ___ ___ : the economy grew 3X larger, not 10X larger.
  9. 18. ___ unemployment is unavoidable, because we cannot stop technology from replacing workers. It is part of natural unemployment.
Down
  1. 1. Structural & frictional unemployment are part of the ___ ___ of unemployment, which is 4-6%, & which occurs in a healthy economy.
  2. 2. If you want to know if your ___ is doing well, measure that size of your inflation, gross domestic product, & unemployment.
  3. 4. 1955 & 1985 economies achieved the economic goal of low ___ , since prices were low, less than 1% & 4% respectively.
  4. 5. 1955 economy achieved the economic goal of growth over time, since ___ caused the gross domestic product to rise.
  5. 6. ___ unemployment is avoidable, because the government uses fiscal & monetary policy during a recession. It is the unemployment that must be kept low.
  6. 8. 1985 economy achieved the economic goal of growth over time, since the gross domestic product ___ rate was four %.
  7. 10. Structural & frictional unemployment are ___ , which is not the case for cyclical unemployment.
  8. 11. Economists have 3 goals for the economy: One of these is that the economy will ____ a little each year.
  9. 13. Nominal GDP is calculated by adding together the ___ of all goods/services, so if 1955 [same] are lower than 1985 [same], the 1955 nominal GDP will also be lower.
  10. 14. The problem with big numbers is they make no sense without context, without ___ them to the big numbers from other years.
  11. 16. 1955 economy achieved the economic goal of low unemployment, since it was between ___ & ___ %. This is natural unemployment, or unavoidable unemployment.